Turkey and its Crypto Bill

Reuters

One of the biggest cryptocurrency economy in the world, Turkey is expected to introduce crypto related legislation sometime this year.

According to Turkish Treasury and Finance Minister Mehmet Simsek announcing in January that local crypto regulation was almost done. Many expected the parliament of Turkey to initiate regulating the crypto industry in early 2024 but the draft legislation is still pending.

However, the government of Turkey has yet to introduce crypto legislation, it does not mean tbe country don't have rules to regulate crypto today.

According to Ismail Hakki Polat who is the local mentor for crypto, there are currently very slight regulations targeting crypto in the country but parliament doesn't set them.

There are two primary legislation pertaining to cryptocurrencies in Turkey. The first was introduced by the Central Bank of the Republic of Turkey in 2021 and forbids cryptocurrency holders from using assets like Bitcoin as legal tender.

While the second legislation is about Anti-money laundering measures working under the supervision of financial intelligence unit of Ministry of Finance.

This legislation wants the exchanges to collect specific KYC data from users in order to prevent activities like money laundering and terrorism financing.

Turkey is a major cryptocurrency economy globally and one of the country among the highest crypto adoption rate worldwide.

In terms of estimated trading volume of $170 billion, Turkey is the fourth largest market for crypto globally, and is ahead of countries like Canada, Russia, Thailand, Vietnam and Germany, according to data from Chainalysis.

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Posted Using InLeo Alpha

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